The Athens Stock Exchange: A Comprehensive Overview

The Athens Stock Exchange is a vital part of Greece's economy, with a rich history dating back to 1876. It was established by royal decree and is one of the oldest stock exchanges in Europe.

The exchange is home to over 200 listed companies, including some of Greece's largest and most influential businesses. These companies represent a wide range of industries, from banking and finance to energy and transportation.

The Athens Stock Exchange is also a key player in the European financial market, with its shares and bonds being traded on various European exchanges.

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The Athens Stock Exchange operates a diverse range of indices, with over 30 available to investors. The six main indices are: Composite Index (GD), FTSE/Athex Large Cap (FTSE, also known as FTSE 25), FTSE/Athex Mid Cap Index (FTSEM), FTSE/Athex Market Index (FTSEA), FTSE/ATHEX Global Traders Index Plus (FTSEGTI) and FTSE/ATHEX Factor-Weighted Index (FTSEMSFW).

The Athens Composite index has a long history, starting its trading in 1980, with its highest point set at 6355.04 on 17 September 1999. Companies listed on the exchange are regulated by the Hellenic Capital Market Commission, ensuring a high level of oversight and accountability.

The Athens Exchange currently represents 166 companies with 172 stocks, divided among the Securities Market and the Alternative Market. Specifically, the Securities Market has 163 stocks from 157 companies, while the Alternative Market has 9 stocks from 9 companies.

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The Athens Stock Exchange, or ATHEX, is a significant player in Greece's capital markets. It operates multiple markets, including the regulated securities market and the derivatives market.

One of the key features of ATHEX is its array of indices, with over 30 indices available for trading. The six main indices are the Composite Index (GD), FTSE/Athex Large Cap (FTSE), FTSE/Athex Mid Cap Index (FTSEM), FTSE/Athex Market Index (FTSEA), FTSE/ATHEX Global Traders Index Plus (FTSEGTI), and FTSE/ATHEX Factor-Weighted Index (FTSEMSFW).

These indices give investors a way to track the performance of different segments of the market. The Composite Index, for example, has been trading since 1980 and has a high of 6355.04 set on September 17, 1999.

Companies listed on ATHEX are regulated by the Hellenic Capital Market Commission. As of February 2, 2021, there are 166 companies represented on the exchange with 172 stocks.

Here are the six main indices operated by ATHEX:

The exchange also operates an alternative market for smaller firms and offers post-trading, clearing, and settlement services through subsidiaries like ATHEXClear and ATHEXCSD.

The key people behind the company's operations are a diverse group of individuals with varying roles and responsibilities.

George Handjinicolaou serves as the Chairperson of the Board of Directors, while John Costopoulos holds the position of Independent Non-executive Vice Chairman.

The Board of Directors is comprised of 11 members, each bringing their unique expertise to the table.

Here's a list of the Board of Directors members:

Yianos Kontopoulos also serves as the Chief Executive Officer, overseeing the company's overall strategy and direction.

The professional segment is a game-changer for investors and issuers alike.

The new ATHEX Regulation introduces a professional segment exclusively dedicated to qualified investors, such as professionals, eligible counterparties, and elected professionals, as well as retail investors eligible to invest in units of listed, open-ended alternative investment funds.

This segment requires an entry ticket of at least €100,000 per investor/AIF/compartment, making it a significant investment hurdle.

Issuers can now issue bonds in smaller denominations, making them more attractive to a wider investor base, but they must exclude on-sale to retail investors to qualify for the alleviated prospectus treatment.

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Market participants are still required to run suitability and appropriateness tests to ensure investors are qualified, with ATHEX not verifying investor qualifications itself.

The professional segment has the potential to create a more liquid market for units of listed alternative investment funds, and issuers may finally be able to tap into a wider pool of investors.

You can invest in shares listed on the Athens Stock Exchange, or ATHEX, through a few convenient channels.

You can invest online through Eurobank Trader, which is a user-friendly platform for buying and selling shares.

Alternatively, you can also invest over the phone with your broker at Eurobank Equities, Monday to Friday between 09:00 and 17:30.

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Investing in ATHEX shares is relatively straightforward. You can invest online through Eurobank Trader.

To get started, you'll need to choose your investment method: online or over the phone. Online investing allows for 24/7 access, while phone investing is available Monday to Friday, 09:00-17:30, through Eurobank Equities.

If you opt for phone investing, you'll need to contact your broker directly. This method provides a more personal touch, but may require more time and effort.

To get started, you can visit the Eurobank Trader platform or contact your broker at Eurobank Equities.

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Free float refers to the percentage of a company's outstanding shares that are available for trading by the public. This percentage can be affected by institutional ownership, as seen in the example of Institutional Ownership, where a 50% stake can limit free float to just 50%.

Institutional investors often hold significant stakes in companies, which can reduce free float. For instance, a 20% stake held by a single investor can limit free float to 80%.

Stricter free float requirements can make it more difficult for companies to issue new shares, as they may not have enough available shares to meet the requirements. This can impact a company's ability to raise capital through equity offerings.

Companies with limited free float may need to consider alternative methods of raising capital, such as debt financing or asset sales.

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The Athens Stock Exchange (ATHEX) has made significant changes to its regulations to attract more investors and make the market more robust. A minimum capitalisation threshold of at least €40 million is now required for companies to start trading on ATHEX.

The revised regulations aim to deepen the main market and increase liquidity and stock valuations. The need for stricter free float requirements has been introduced to achieve this goal. This will likely have a positive impact on the market, making it more attractive to foreign and local investors.

The ATHEX Regulation has also been amended to remove certain listing requirements that created an unnecessary burden. For example, the requirement for a tax certificate for an initial listing has been abolished. This change will likely open the market to more companies, especially those with growth potential and a solid business plan.

Here are the key changes to the listing requirements:

The Athens Stock Exchange (ATHEX) is a vital part of Greece's capital markets, operating the equities and derivatives markets, as well as an alternative market.

The Main Market is the primary market for securities trading in ATHEX, and it conforms to EU standards.

It's supervised by the Hellenic Capital Market Commission (HCMC), a legal entity established in 1991 to ensure the protection and efficiency of Greece's capital markets.

The Main Market consists of mainly mid- and large-capitalization companies that have growth prospects.

The Derivatives Market is organized and supported by ATHEX, offering futures and options on stocks and indices.

ATHEX Clear, which belongs to the Hellenic Exchanges Group, is the Clearing House for the Derivatives Market.

The Alternative Market (ENA) is operated by ATHEX and is not considered a "regulated market".

It's designed for companies in fast-growing sectors with achievable goals, offering products with long-term potential, but also greater risk.

The Greek capital market has been gaining momentum, with a remarkable interest from institutional and retail investors following Greece's return to investment grade status. This has led to several successful IPOs and private placements, including those of Athens International Airport and Noval REIC.

The Athens Exchange (ATHEX) has approved amendments to the Athens Stock Exchange Regulation, aimed at increasing market depth and liquidity, improving marketability, and enhancing stock valuations. This move is part of a broader plan to make the Greek capital market more attractive to foreign and local investors.

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The Hellenic Capital Market Commission (HCMC) has approved the amendments, which include the removal of certain listing requirements that created an unnecessary burden for companies. For example, the absolute requirement for a tax certificate for an initial listing has been removed.

The new ATHEX Regulation also includes stricter free float requirements to deepen the main market and increase liquidity and stock valuations. This is a step towards regaining developed market status.

To give you a better idea of the changes, here are the main points:

The Greek government has also introduced legislative initiatives to support the capital market, such as reducing the sales tax applicable to exchange and off-exchange transactions on listed stock from 0.2% to 0.1%.

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To list on the ATHEX, companies must meet certain requirements, including a minimum capitalisation threshold of at least €40 million.

This is a significant increase from previous requirements, and it's likely to attract more established companies with a strong financial foundation.

The initial own funds requirement has also been revised, and companies must now have at least €1 million at the time of listing application, down from €3 million previously.

The profitability requirement has been removed, and companies can now list even if they haven't generated meaningful profits in the past three years.

Instead, companies must demonstrate solid operating profits (EBIT) to be eligible for listing.

The own funds-related criterion for entry into the Surveillance Segment remains in place, but it's not just triggered by negative own funds – it's also triggered if own funds fall below specific thresholds, such as €1 million.

In this case, the company must take reasonable steps to restore their own funds before the end of the next financial year, or they'll be placed in the Surveillance Segment.

A new debt level scrutiny has been introduced, where unsettled, due, and payable debt expressed as a percentage of own funds must not exceed 50% – if it does, the stock may be placed into the Surveillance Segment.

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As we look ahead to the future of the Athens Stock Exchange, it's clear that there are exciting developments on the horizon. In July 2025, ATHEX received an unsolicited all share takeover proposal from Euronext.

The board of directors of ATHEX has been actively assessing this proposal, which could have a significant impact on the exchange's operations and future direction. This takeover proposal is still a developing story, and its outcome will be closely watched by industry insiders and investors alike.

The fact that the board of directors has entered into discussions with Euronext suggests that they are taking the proposal seriously and exploring its potential benefits and implications.

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